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GE's new CEO shakes up management team

Posted on Wednesday, October 11, 2017 by Mercedes Poole

GE's new CEO shakes up management team

The change is the latest since John Flannery took over as company CEO on August 1.

General Electric 's ( GE ) attempts at an image makeover with a slew of cost-cutting measures and executive reshufflings may be signs that things are about to get worse instead of better at the industrial giant. Vice Chairs Beth Comstock, GE's top female executive and a leading figure in its embrace of Silicon Valley, and John Rice, the primary worldwide officer, also said they would retire.

GE shares fell less than 1 percent to US$24.28 after the close of regular trading in NY. He is also expected to next month outline his plans for a potential overhaul of the company's portfolio, which includes jet engines, gas turbines, locomotives and ultrasound machines.

John Flannery, GE's new CEO and chairman of the board, approved a new activist shareholder to the board just days after a chief financial officer shakeup, Bloomberg reports.

"Flannery wants to tell people that he is going to hold people accountable", Scott Davis, an analyst at Melius Research in NY, wrote on Friday.

Miller, 49, has also served as GE's chief information officer and chief accounting officer.

In naming Flannery in June, Immelt said the transition was being handled "in a different way", drawing praise from analysts who said the company's goal was to avoid the disruption of high-profile departures.

John Flannery, GE's chairman and CEO, said, "Beth's passion for innovation has opened new markets for GE and changed the way we work".

He is likely to provide additional details on cutting costs next month.

Flannery, who last week also took on the chairman title, may be poised to slash earnings expectations when he presents plans to revitalize the beleaguered manufacturer at a meeting scheduled for November 13. The company's stock is down about 3% on Monday after the news.

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